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Conneqt - Transforming Mortgage and Loan Services

Vendor Analysis

by Andy Efstathiou

published on Apr 21, 2020

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Report Overview:

This NelsonHall assessment analyzes Conneqt's offerings and capabilities in Transforming Mortgage and Loans Services.

Who is this Report for:

NelsonHall’s Transforming Mortgage and Loan Services Vendor Assessment for Conneqt is a comprehensive assessment of Conneqt’s Digital Banking Services offerings and capabilities designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of mortgage and loan process outsourcing and identifying vendor suitability for Transforming Mortgage and Loan Services RFPs
  • Vendor marketing, sales and business managers looking to benchmark themselves against their peers
  • Financial analysts and investors specializing in the support services sector.

Scope of this Report:

The report provides a comprehensive and objective analysis of transformation of mortgage and loan services offerings, capabilities, and market and financial strength, including:

  • Identification of the company’s strategy, emphases and new developments
  • Analysis of the company’s strengths, weaknesses and outlook
  • Revenue estimates
  • Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
  • Analysis of the company’s offerings and key service components
  • Analysis of the company’s delivery organization including the location of delivery locations.

Key Findings & Highlights:

Conneqt started its M&L services business in 2007, delivering collection services to Tata Motor Finance. Over time that engagement was expanded to include a broad range of BPS services in collections, servicing, and origination support. 

From 2007 to 2017, Conneqt’s M&L services were focused on BPS services delivering in-person collections across Indian regional markets. Indian regulations enable lenders to reach out to customers via electronic means, typically a phone, but require them to follow up in person to collect monies or application documents. During that decade, Conneqt developed a network of ~600 centers across India with in-person customer contact representatives. Conneqt differentiates itself from other collection agencies by having a nationwide network of in-person agents, who can interact in the local dialect. 

In November 2017, Quess Corp., a Canada based BPS vendor, acquired 51% of Conneqt. Tata and Sons retain a 49% stake in Conneqt. Quess’s goal for Conneqt is to enable Conneqt to expand into new markets and enhance its digital delivery capabilities. To date, Conneqt has not expanded outside of India. However, it has developed multiple AI and omnichannel offerings which it will use to enter new markets. 

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